Skills We Learnt Last Week:
1 Learning Facts: Conscription
When there is a threat to a nation’s safety, and not enough people sign up to the military, conscription occurs where citizens are forced to join Military service can look like a lot of different things
2 Public Speaking Skills: Changing Tone
Practising changing the tone of how we are speaking to convey different emotions and create rhetorical effect
3 Philosophical Thinking
At what point is it justified to override a citizens right to choose whether or not they want to serve in the military?
This Week
Learning to respond to arguments
SYMBOL OBJECTIVES:
Learn a special skill Activity time
Key takeaway
If I had a million dollars…
Would you spend it on yourself, or other people you love? Would you save any of it in the bank?
If I had a million dollars, I would buy a helicopter so I could get around super fast. I would take all of my friends for rides in it, and I could even volunteer to be an air ambulance driver
If you had 1 million US dollars (or the equivalent in your country's currency), how would you spend it?
Lots of people borrow things every day. You might borrow your friend’s pencil in class, and your parents might borrow money from the bank so they can buy a house When you borrow something, you loan it from them, meaning you have to give it back When you owe somebody something, you are in debt to them.
Sometimes, you pay back your debt over an extended period of time
The person who gave you the loan (the lender) may make you pay extra because you are paying back over a while - it’s a special reward to them for being patient while you pay them back This is called interest, and is usually charged periodically, for example, once a month
There are some companies, like the bank or money lenders, that give out loans as a job to make money All of their profit comes from the interest they charge to borrowers.
Min-Jun is a wilderness explorer, and he’s going on a hike. When he crosses a river, his bag gets wet and all of his food gets soggy, so he can’t eat it any more Min-Jun asks Priyanka if she will give him some of her food
“Alright,” she says, “but if we share food, I’m going to be hungry for the rest of the tramp! When we get back to the city, you’ll need to replace it and take me out to dinner to say thanks ” Min-Jun agrees
Alright, but if we share food, I’m going to be hungry for the rest of the tramp! When we get back to the city, you’ll need to replace it and take me out to dinner to say thanks.
Hey Priyanka, my packed foods are all soggy, I can't eat them anymore Will you give me some of yours?
In this scenario, who is the lender and who is the borrower? What did the borrower take as a loan, and what interest do they have to pay?
Charlotte has been saving up for a new computer for months. When she gets to the store to buy it, she realises that she’s still short $500! She goes to the bank and asks for $500, and they say yes, but she has to pay it back after a year
For every month she hasn’t paid back the $500, she has to pay an extra $10 to the bank
Hi, Charlotte! You haven't paid back your $500 loan for your new computer You have to pay an extra $10 to us!
I'm so sorry I've been very busy I promise I will pay it back soon along with the extra $10 as well!
In this example, what is the value of the loan, and what is the value of the interest?
If she is 3 months late on her payment, how much interest will she have to pay? If she pays it back 6 months late, how much interest will she have to pay?
While Charlotte is leaving the bank, a mysterious man comes up to her. “Why only take $500 from the bank, when you could get even more from me?
I will give you $5000, but you will have one month to pay it back. If you don’t pay it back in a month, you will owe me and extra $5,000 ”
Why only take $500 from the bank, when you could get even more from me? I will give you $5000, and you will have one month to pay it back. If you don’t pay it back in a month, you will owe me and extra $5,000
Charlotte isn’t sure what to do. If she has $5000, she could buy an even better computer! She only makes $1000 a month at her job
Hmm, interesting But I'm not sure what to do I can buy a better computer but I only make $1000/month, how am I going to pay it back in a month?
If you were Charlotte, would you take the $5000 loan?
Banks are usually very big businesses that can offer loans worth millions of dollars, that have strict rules as to who can get a loan from them. They will check that you are responsible with money before they let you borrow
2
Smaller businesses than banks, which you can use to get a smaller loan (for example, $2000) These lenders do less background checks, and usually charge higher interest than banks
Friends and Family
Sometimes, people borrow money from people they know well. Lenders often don’t charge interest on these loans because they do it out of love. Only some people have friends and family that are wealthy enough to give them a loan.
Debt
Owing something to someone else (usually money)
Loan The thing that you borrow that you have to return
Interest
The extra fee you pay for borrowing the money, usually charged over time
Mortgage
A loan where you borrow money to buy your house. If you can’t pay back the loan, the bank owns your house and can sell it to get their money back
Borrower Someone who borrows money
Lender Someone who gives money to the borrower
Default Failing to pay back the borrowed money
Loans are where you borrow money and pay it back later. Most people who give you moneylenders - charge interest on their loans, which is extra money that you have to pay as well as the value of your debt.
There are lots of reasons why people borrow money. Sometimes it’s because they are desperate, and sometimes it’s because they want to put that money towards something bigger.
Life Milestones 1
Things like buying a house or going to university can cost tens of thousands, if not millions of dollars. Even though people might be able to pay for these things over a long period of time, universities of real estate agents require the money up-front.
You might take out a ‘mortgage’ or a ‘student loan’. Lots of governments make paying back these loans easier, by making them interest free or helping them with some of the up-front payment
Adults have bills they have to pay every week or month, no excuses allowed. These can be things like rent, or power bills. Sometimes, people are struggling financially and don’t have any savings. If an accident happens, or they lose their job, there’s no safety net to help them pay upcoming bills. In order to avoid getting kicked out of their house or having their services cut off, they take out a loan to tide them over for the next bill payment.
3
Setting up a business can be super expensive You need to build a premises, pay bills, and hire staff Sometimes, you can get a loan from the bank because they believe that your business will be successful and they will get their money back plus interest.
You will be given a character to pretend to be, and three different loan options to choose from.
You need to tell us which person you would borrow from, and why it is better than the other options
Think about:
Your Goals
How much money do you think you need to borrow?
Your Credentials
Would the lender trust you enough to lend you cash?
Your Income
Do you have the money to pay it back?
Potential Penalties
What consequences will you face if you don’t get the money back?
PERSON A
You are a university student, and you need to put five new textbooks for your classes (they are $100 each). You only earn $20 a week from dog walking for your neighbours
PERSON B
You are a person who has just lost their job, and needs to pay $5000 in rent and bills next week You only have $500 saved up.
PERSON C
You are a 35 year old that has just quit their job as a successful corporate manager, and you want to start your own business. You need an extra $10,000 to renovate your office space.
PERSON D
You have hurt your foot, and need to get surgery that will cost $3,500 Because you don’t have a credit card, and you are only 19 years old, the bank might not have enough evidence that you are responsible enough to get a loan from them.
Amount: $10,000
OPTION A: THE BANK
Criteria: previous credit store from spending responsibly and paying your bills on time
Repayment terms: $100 per month
Default terms: a $500 late fee
Amount: $1,000
Criteria: none
OPTION B: UNCLE JEFF
Repayment terms: you have to walk Uncle Jeff’s dog every week for the rest of the year
Default terms: you have to walk the dog every day for a month
Amount: $5,000
Criteria: none
OPTION C: SPEND’N’SAVE
Repayment terms: $500 every month
Default terms: a debt collector will take your things and sell them for cash to be paid back
Which Loan Is Best?
As your coach, I will now tell you the parts you were fantastic at and also give you some tips to work on next time.
Some lenders can be irresponsible and misleading with their loans They make getting into debt seem easy, but sneak in high interest rates and additional fees to trap you in debt to them.
Example:
You owe $1000, and plan to pay $50 back per month. Your interest rate is 15% of the total amount owing that month Within 8 months, you’ll end up with double the amount of debt you started with
Financial strain: your repayments become a huge part of your spending, so you can’t spend that income on other things like necessities
2 Stress: feeling trapped, and like you will never be able to get out of debt can impact your every day life
3
Financial limitations: if you don’t pay back your loan, you will get a bad credit score, which means people are less likely to give you a loan when you are in need in the future
Some lenders have incentives to give you money, even if you can’t afford to pay it back. Their penalties for not paying are very high, so you end up owing far more money than you originally thought you would. Lenders often target vulnerable people who have no choice but to take a loan
This involved being stricter about who is allowed to lend money, and what maximum interest rates they can offer:
Pros: less predatory lenders
Cons: harder for people to access loans when they need them, less competition within the market as a whole
Lots of people get into debt when they face an unexpected accident that costs a lot to fix, like buying a new car or an emergency surgery.
Often people make sure they have enough money to pay for these things by getting insurance. You pay a small amount of money to your insurer every month or every year, and if you have an accident they will cover the whole cost.
Pros: reduces chance that people will be desperate for cash
Cons: overriding people’s freedom of choice by making them pay for insurance, their accident may not be covered by insurance, expensive
Some countries have laws where lenders can only approved loans if they have evidence that the borrower is responsible with money or that they have a definite way to pay it back.
Pros: reduces most extreme cases of predatory lending
Cons: lenders can still be manipulative towards slightly weather borrowers, denies funding to the most vulnerable people
Rebuttal is a response to another person’s argument or speech. When you debate, you need to do two things:
1 2
Build up your own case by providing arguments about why you are right
Weakening the opponent’s case by attacking their points
It’s important when you do rebuttal to respond to the person’s arguments, not to attack them personally!
What are some different ways to rebut someone’s argument?
Direct Rebuttal: explaining why what they’re saying isn’t true Mitigation: explaining why the consequences of that person’s argument are as big as they are claiming
Weighing: explaining why, even if the opponent’s argument is true, it’s not as important as other things in the debate.
How do you deliver rebuttal?
Pinpoint: quickly refer to the other’s person’s argument This is so the judge knows what part of their speech you are talking about. You want to keep this short because you want to save your time for actually responding!
Reasoning: explain why their point isn’t true. The best rebuttal has multiple reasons that attack the point in different ways
Summarize: explain to the j udge what it means for the debate, now that their point doesn’t stand
Example:
“The second speaker says that if people get into debt, it’s their fault because they made a choice. This doesn’t address the fact that many lenders hide the potential risks and fees, in order to make it seem more appealing. Secondly, lots of people don’t have a choice to not take out a loan, because they are desperate for mone y. This means that it isn’t always fair to blame people for getting trapped in debt.”
To win a debate, you need to rebut the other speaker’s arguments. You do so by quickly addressing their argument, and then giving multiple reasons why it isn’t true.
You will choose one of the “speeches” below to rebut. You should pinpoint what part of their speech you are rebutting, give your reasoning
You don’t have to rebut everything in the speech; you can either choose one or two things that you would like to rebut.
When coming up with rebuttal, think about:
1
Direct Rebuttal
Why is that point not true?
2
Why are the consequences of that point not as serious as they are claiming?
To win a debate, you need to rebut the other speaker’s arguments. You do so by quickly addressing their argument, and then giving multiple reasons why it isn’t true.
I think that people should be able to take out loans of whatever size they want.
Paying back a loan is super easy; all you have to do is save a little bit of money each week and put that towards your repayments.
People have all the information they need before they take out a loan, which means that they’ve always thought ahead and have a plan for how they are going to pay the loan back.
If everyone could take out as many loans as they want, the world would be amazing! We could have roller coasters in every neighbourhood, and give everyone a free horse
ing up with hink about: not true?
quences of that point hey are claiming?
I don’t think that anyone should be allowed to take out a loan.
All lenders are always trying to manipulate you and trick you into getting trapped.
You never actually need to borrow money, people just do it because they are lazy and bad at planning. Loans can’t actually be put towards anything useful, people just take them out to buy video games and junk food
If you just put a little bit of m oney in your piggy bank each week, you should be able to afford whatever you want eventually
As your coach, I will now tell you the parts you were fantastic at and also give you some tips to work on next time.
1 Loans are where you borrow money and pay it back later. Most people who give you money - lenderscharge interest on their loans, which is extra money that you have to pay as well as the value of your debt
2 There are different reasons someone might need to take out a loan:
Life milestones, like going to university or buying a house
Accidents and emergencies, like paying bills or getting healthcare
Investment: using your loan to build a business
3 You can get loans from different places: The bank Personal lenders
Friends and family
4 Sometimes, people can get trapped in debt. Lenders have an incentive to give out as many large loans as possible so they can earn the most interest, but this means that sometimes they aren’t open with borrowers about the responsibility of taking on a loan.
5 Potential responses:
Regulating lenders
Compulsory saving or insurance
Restricting borrowers
6 We also learned about rebuttal, which is when you attack another person’s argument. When delivering rebuttal, you should:
Pinpoint the argument the other speaker made
Give reasons as to why their argument is wrong
Summarise what it means for the debate, now that point is defeated
THANK YOU! EXCITED TO SEE YOU ALL NEXT WEEK!
